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State about Production theory
Production theory assists in determining the size of firm and level of production. It clarifies the relationship between marginal and average costs and production. It highlights how a change in production can bring about a parallel change in marginal and average costs. Production theory also deals with many other issues like conditions leading to decrease or increase in costs, changes in entire production when one factor of production is varied and others are kept constant, substitution of one factor with another whereas keeping all increased concurrently and methods of achieving optimum production.
Marginal Utility The extra utility derived from the consumption of one more unit of a good, the consumption of all other goods remaining unchanged. The hypothesis of dimin
explain critically growth maximisation model of morris ?
Consider a model world which is subject to a risk of global climate change. The damage is known to be from greenhouse gas (GHG) emissions as indicated by the marginal damage curve
Suppose there are two types of T-shirts: branded ones and unbranded ones and people allocate their spending in a way that they buy both types. Suppose the price of branded T-shirts
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Significance of managerial economics Industrial and Business enterprises aim at earning maximum proceeds. In order to attain this objective, a managerial executive has to take
Pricing Methods
What are the limitations of managerial ecomimics
Asuume there are two inputs in the production function, labor & capital, and these two inputs are perfect substitutes. The existing technology permits one machine to do the work of
“Managerial economics involves use of economic analysis to make business decisions involving the best use of a firm’s scarce resources” Explain the statement with suitable example.
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